Loading...
HomeMy WebLinkAbout12-6364IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENN~~YLVANIA CIVIL DIVISION IN RE: JOINT PETITION FJR s~~, TRANSFER OF STRUCTURED No . ~ ~.- ~„p ~~~`~ ~--~~ ~ I SETTLEMENT PAYMENT RIGHTS B `c' . TIMOTHY CONNORS, Payee, INITIAL ORDER OF COURT ./f~ __ On this ,~<_',,' day of /~~~ ki ~'y~ _, 2012, it _i s ordered that: a :Tearing on this Joint Petit.i.on to Transfer :~tYuctured Sett 1_ement Payment Rights will be held on~~+~?rt I S X012, in Courtroom ~ at 3:4~ o'clock. The payee shall bri.nq .income tax returns for the prior two (2) years to the hearing. Within seven (7) days, the transferee shall give notice of the hearing date to the payee, the structured ._,E~ttl.ement ob1_igo.r, the annuity issuer, the payee's spouse and a.r,,v person receiving child support, alimony, or alimony pendente 1iy.e . The transferee shall attach a certificate of service to the notice of hear.inq date. A copy of the notice with the cer_ti=_;~_c~~te of service shall be filed with the court prior to the hearing. BY THE~COURT: /f C~ , -~ `~~naj0~ (s ~ ~' ,~~, ~tz ~~ dry wta,1~~ ~o~n~1~a.. _ IN THE'. COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNS'Y'LVANIA CIVIL DIVISION IN RE: JOINT :PETITION FOR `TRANSF]~R OF STRUCTURED SETTLEMENT PAYMENT RIGHTS BY TIMOTHY CONNORS, Payee ...a 3 12•-6364 Civi~~ No ,..,, °. --} rn . ;z =~ ~-- ~ ~ --~ •-cs E-,~ ~ N r-- . -~-~ ~~ ~ ~ . - ~ CJ ~ r ,. ~~ ~ ''f y INITIAL ORDER OF COURT It is hereby ordered that t:he hearing schecau].ed for November_ 15, 2012 at 3:00 p.m. is hereby canceled,; t=he new hearing date on the Joint Petition to Transfer ~~ttuctured Settlement Payment Rights will be held on November 19,, 2012, in Courtroom 1 at 3:00 o'clock p.m. The payee shall bring income tax ret=urns for the prior two (2) years to the hearing. W__t.hin seven (7) days, the transferee shall give notice of the hearing date to the payee, the structured settlement obligor, the annuity issuer, the payee's spouse and ar~.y person receiving child support, alimony, or alimony pendente _1_te. The transferee shall attach a certificate of service to t._~~e notice of hearing date. A copy of the notice with t:he certi.f:i~ate of service shall be filed with the court prior to the hearing. BYE E COURT: ~~/ ~ ~ / ma~5'ol~-~ ~drls~%h ~tY~/ ~Q'r~~~~ ~Q~o7~~i~ ~'I IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA CIVIL DIVISION IN RE: JOINT PETITION FOR TRANSFER OF STRUCTURED SETTLEMENT PAYMENT RIGHTS BY TIMOTHY CONNORS, Payee, No. 12-6364 Civil • ~~ G~ ~ c~ ~ ~~ F- . c--• ~ -C t'' --- r- ~T ' `~ c~ ~~ ~ ~~, , ~:: -~ ~, --f c..~ NOTICE OF HEARING ON JOINT PETITION TO -- -- TRANSFER STRUCTURED SETTLEME1~iT PAYMENT RIGHTS T0: Pacific Life & Annuity Service, Inc. 700 Newport Center Drive Newport Beach, CA 92660-6397 ("Settlement Obligor") Pacific Life & Annuity Company 700 Newport Center Drive Newport Beach, CA 92660-6397 ("Annuity Issuer") Stratcap Investments, Inc. 100 Sheppard Avenue East, Suite 720 Toronto, Ontario M2N 6N5 ("Transferee") Timothy Connors 214 Constitutional Court Mechanicsburg, PA 17050 ("Payee") You are hereby given notice that Timothy Connors, and Stratcap Investments, Inc., have filed a Joint Petition to Transfer Structured Settlement Payment Rights. A hearing in this matter is scheduled on Monday, November 19, 2012 at 3:00 p.m., before Hon. Albert H. Masland, Cumberland County Courthouse, Courtroom 1, One Courthouse Square, Carlisle, Pennsylvania. A copy of the Initial Order of Court is attached hereto as Exhibit "A." You are entitled to support, oppose or otherwise respond to the payee's petition, either in person or by counsel, by filing written comments with the court prior to the hearing or by attending the hearing. Pursuant to 40 P.S. §4003(a)(6), the Transferee's name, address, and taxpayer identification number are: Stratcap Investments, Inc. 100 Sheppard Avenue East, Suite 720 Toronto, Ontario M2N 6N5 Taxpayer I.D. No. 98-0346814. Date r~"~~ -~Z• M S ELSTEIN c/o Ronald E. Reitz 525 William Penn Place Suite 3300 Pittsburgh, PA 15219 412-355-4969 412-642-2380 (facsimile) rreitz@margolisedelstein.com CERTIFICATE OF SERVICE I hereby certify that a true and correct copy of this NOTICE OF HEARING ON JOINT PETITION TO TRANSFER STRUCTURED SETTLEMENT PAYMENT RIGHTS has been served via Federal Express Priority Overnight, on this G~s~day of October 2012, on: Pacific Life & Annuity Service, Inc. 700 Newport Center Drive Newport Beach, CA 92660-6397 ("Settlement Obligor") CERTIFIED MAIL N0.:7012 1010 0002 3899 6395 Pacific Life & Annuity Company 700 Newport Center Drive Newport Beach, CA 92660-6397 (~~Annuity I ssuer" ) CERTIFIED MAIL N0.:7012 1010 0002 3899 6388 and by regular U.S. mail, postage prepaid to Stratcap Investments, Inc. 100 Sheppard Avenue East, Suite 720 Toronto, Ontario M2N 6N5 ("Transferee") Timothy Connors 214 Constitutional Court Mechanicsburg, PA 17050 ("Payee") Margolis Edelstein By: R ald E. Reitz IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA CIVIL DIVISION ~: ~ a -r; G --- --~ IN RE: JOINT PETITION FOR .ti3 0 mr TRANSFER OF STRUCTURED No. 12-6364 Civi~~ -~y SETTLEMENT PAYMENT RIGHTS ~r N o~ BY --<Z w ~a .C© ~ o-n Z ~ "' TIMOTHY CONNORS, Payee Z ~ ~ °~ T~ ~ _~ ~ -C INITIAL ORDER OF COURT It is hereby ordered that the hearing scheduled for November 15, 2012 at 3:00 p.m. is hereby canceled; the new hearing date on the Joint Petition to Transfer Structured Settlement Payment Rights will be held on November 19, 2012, in Courtroom 1 at 3:00 o'clock p.m. The payee shall bring income tax returns for the prior two (2) years to the hearing. Within seven (7) days, the transferee shall give notice of the hearing date to the payee, the structured settlement obligor, the annuity issuer, the payee's spouse and any person receiving child support, alimony, or alimony pendente 1ite. The transferee shall attach a certificate of service to the notice of hearing date. A copy of the notice with the certificate of service shall be filed with the court prior to the hearing. BY THE COURT: TRUE COPY FROM F,~CORD fn Testimony whereof, 1 here unto set r,., hand end the seal of said Court at Canlsie, i'a. Thlss~.._dayof~pra~ oi~Y IN THE COURT OF COMMON PLEAS OF CUMBERLAND COUNTY, PENNSYLVANIA CIVIL DIVISION IN RE: JOINT PETITION FOR TRANSFER STRUCTURED NO. 12-6364 Civil SETTLEMENT PAYMENT RIGHTS BY TIMOTHY CONNORS, Payee FINAL ORDER OF COURT AND NUW, upon consideration of the unopposed joint petition of Stratcap Investments, Inc. ("Stratcap") and Timothy Connors ("Mr. Connors"), the Court hereby Ends as follows: 1. The transfer of the structured settlement proceeds, specifically, monthly payments of $670.45 ~ each, beginning on January 15, 2026 through and including December l 5, 2035 (the "Assigned Payments"), by Mr. Connors to Stratcap as described in the purchase agreement (the "Purchase Agreement") between Mr. Connors and Stratcap and in the petition in this matter (the "Proposed Transfer") (i) does not contravene any applicable federal or state statute or the order of any court or responsible administrative or governmental authority or any applicable law limiting the transfer of workers' compensation claims, and (ii) is in the best interest of Mr. Connors, taking into account the welfare and support of Mr. Connors's dependents, if any. 2. Not less than 10 days prior to the date on which Mr. Connors first incurred any obligation with respect to the Proposed Transfer, Stratcap provided to Mr. Connors a disclosure statement in full compliance with 40 P.S. § 4003(a)(2). Stratcap has agreed to pay Mr. Connors the same purchase price for one less cent per monthly payment. The parties have entered into a stipulation wherein they have agreed that the Assigned Payments are amended to reflect this change. BE01/ 912758. ] 3. Mr. Connors has received or expressly waived in a separate written acknowledgment signed by Mr. Connors, independent legal advice regarding the implications of the Proposed Transfer, including consideration of the tax ramifications of the Proposed Transfer. r 4. Stratcap has given written notice of its name, address, and taxpayer identification number to Pacific Life & Annuity Company ("PLAC"), and Pacific Life & Annuity Services, Inc. (collectively, "Insurers") and has filed a copy of such notice with the Court. 5. Mr. Connors has timely filed and served on all interested parties, including Insurers, a notice of the Proposed Transfer and the application for its authorization in compliance with the requirements of 40 P.S. § 4004. 6. Mr. Connors has consented, in writing, to the Proposed Transfer. 7. Stratcap intends to assign to Genex Capital Corporation ("Genex") all of Stratcap's interest in the Assigned Payments. 8. The Court has jurisdiction over this matter pursuant to 40 P.S. § 4001, et seq. 9. The Proposed Transfer complies with the requirements of the Structured Settlement Protection Act, 40 P.S. § 4001, et seg., Colo. Rev. Stat. § 13-23-101, et seq., Ariz. Rev. Stat. § 12-2901, et seq., and 2b U.S.C. § 5891, and does not contravene other applicable law. Based on the foregoing findings, IT IS HEREBY ORDERED that: 1. Pursuant to 40 P.S. § 4003, the Proposed Transfer is approved. 2. Genex's right to receive the Assigned Payments shall not be affected by Mr. Connors's death, and Mr. Connors understands he is giving up his rights, and the rights of his heirs, successors, and/or beneficiaries, to the Assigned Payments. BE01/ 912758.1 - 2 _ PLAC shall forward the Assigned Payments, within 7 days of the date due, by check made payable to "Genex Capital Corporation," c/o Security Title Agency, LLC, at 3636 N. Central Ave., Ste. 140, Phoenix, AZ 85012 (Account # 981086770), as follows: • monthly payments of $670.45 each, beginning on January 15, 2026 through and including December 15, 2035. 4. In the event Stratcap or Genex further assigns or otherwise transfers the Assigned Payments (or any portion thereof or interest therein) to another person or entity (a "Reassignment"), Insurers will not be obligated to redirect the Assigned Payments (or any portion thereof) to any person or entity other than Genex or to any payment address other than that specified herein, and Stratcap, Genex, and Mr. Connors shall remain obligated to comply with all terms and conditions herein and in the parties' stipulation ("Stipulation"). Notwithstanding any such Reassignment, the parties' Stipulation and this Order will remain binding and fully enforceable against Stratcap, Genex, and Mr. Connors. Stratcap and Genex shall defend, indemnify, and hold harmless Insurers and their directors, shareholders, officers, agents, employees, servants, successors, and assigns, and any parent, subsidiazy, or affiliate thereof, and their directors, shareholders, officers, agents, employees, servants, successors, and assigns, past and present, from and against any and all liability, including but not limited to costs and reasonable attorneys' fees, for any and all claims asserted by any person or entity, including but not limited to any claims asserted by any person or entity not a party hereto, claiming an interest in the Assigned Payments, and any and all other claims made in connection with, related to, or arising out of the Purchase Agreement, the Proposed Transfer, the Assigned Payments, any Reassignment, or Insurers' compliance with the parties' Stipulation or this Order, except with respect to claims by Stratcap and/or Genex against Insurers to enforce Insurers' obligations to Stratcap and Genex under the parties' Stipulation. To Bsov9is~ss.i _ 3 _ the extent Stratcap and/or Genex fails to honor this indemnification and defense obligation, Insurers may, in addition to all other remedies afforded by law, satisfy the same by withholding to their own credit any remaining Assigned Payments. 6. Insurers' lack of opposition to this matter, or their or the other parties' stipulation hereto or compliance herewith, shall not constitute evidence in this or any matter, and is not intended to constitute evidence in this or any matter, that: (a} payments under a structured settlement contract or annuity or related contracts can be assigned or that "anti-assignment" or "anti-encumbrance" provisions in structured settlement contracts or annuities or related contracts are not valid and enforceable; or (b) other transactions entered into by Stratcap and Genex and their customers constitute valid sales and/or secured transactions; or (c) Insurers have waived any right in connection with any other litigation or claims; or (d) Stratcap and Genex have waived any right other than as expressly set forth in the parties' Stipulation and/or this Order. 7. Stratcap, Genex, and Mr. Connors, for themselves and for their respective directors, shareholders, officers, agents, employees, servants, successors, heirs, beneficiaries, contingent beneficiaries, executors, administrators, and assigns, and any parent, subsidiary, or affiliate thereof, and their directors, shareholders, officers, agents, employees, servants, successors, and assigns, past and present (the "Releasors"), hereby remise, release, and forever discharge Insurers and their directors, shareholders, officers, agents, employees, servants, successors, and assigns, and any parent, subsidiary, or affiliate thereof, and their directors, shareholders, officers, agents, employees, servants, successors, and assigns, past and present (the "Pacific Life Releasees"), of and from any and all manner of actions and causes of action, suits, debts, dues, accounts, bonds, covenants, contracts, agreements, judgments, settlements, damages, claims, and demands whatsoever, in law or in equity, in connection with, related to, or arising BEOi/912758.1 - 4 - out of any claim or allegation that was or could have been asserted in connection with, related to, or arising out of the Purchase Agreement, the Assigned Payments, the Proposed Transfer, or the parties' Stipulation, which the Releasors have or had from the beginning of the world through the date of this Order, except for claims of the Releasors against the Pacific Life Releasees to enforce the Pacific Life Releasees' obligations to the Releasors, if any, under the parties' Stipulation. 1N OPEN COURT this day of November, 2012. Judge ~~ ~~ ~`''~ C G l v1 '~ '~ y Q ao , oa 6~ ~~~ ~~ cJ aY a~- ~~ ~~ ~~~ ~~ i~~~a 1 ~ ~- w ~k ~ ~ ~f~1 4'Y G x~~k J• i ? ~ r~ C~ ~ .:L -r'j -~ y -~ ~~ ~ -~ ~~, ~~ w ~, ~-, r BE01/912758.I _ 5 S. /1.